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Gate.io Blog Daily News | SBF's Sentence Is Expected to Be No Less Than 40 Years; Musk Plans to Turn the X Platform into A Digital Bank Next Year

Daily News | SBF's Sentence Is Expected to Be No Less Than 40 Years; Musk Plans to Turn the X Platform into A Digital Bank Next Year

30 October 12:10

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## Crypto Daily Digest: SBF's sentence is expected to be no less than 40 years; Musk plans to turn the X platform into a dating website and digital bank next year

According to testimony from SBF yesterday, some legal professionals have raised their minimum expectations for sentencing. Legal professionals expect the SBF sentence to be no less than 40 years.

According to Business Insider, citing insiders, Musk insists that the X platform will become a "mature" dating website and a digital bank by 2024. Musk did not elaborate on how X became a dating application or whether users had any demand for such features, but this idea is in line with Musk's philosophy of promoting paid features.

According to DeFiLlama data, cybercriminals have stolen approximately $1 billion from the crypto market so far in 2023, a 60% year-on-year decrease. The highest amount of theft in the crypto industry this year occurred in September, when hackers stole $308.23 million. In July, cybercriminals lost $238.42 million through multiple cryptocurrency hacking attacks, and in March, they lost $213.58 million. Although the value of stolen funds has decreased, there were more cryptocurrency hacking incidents in 2023 than recorded in 2022.

On October 30th, according to market data, there was a general upward trend in gaming (P2E) track tokens, with SLP (gaming currency within Axie) rising 31.48% in 24 hours and currently quoting $0.0025. <a href="/how-to-buy/cdai-cdai" target="_blank" class="blog_inner_link">where to buy cdai</a> (Gala) has increased by 18.6% in 24 hours and is currently quoted at $0.021. AXS (Axis Infinity) has increased by 15.77% in 24 hours and is currently quoted at $5.8. GMT (<a href="/how-to-buy/cdai-cdai" target="_blank" class="blog_inner_link">where to buy cdai</a>) has increased by 13.1% within 24 hours, and is currently quoted at $0.19. SAND (<a href="/how-to-buy/cdai-cdai" target="_blank" class="blog_inner_link">where to buy cdai</a>) has increased by 10.96% in 24 hours and is now quoting $0.36. MANA (<a href="/how-to-buy/cdai-cdai" target="_blank" class="blog_inner_link">where to buy cdai</a>) rose 10.45% in 24 hours and is now quoting $0.38.

According to The Block data, the 7-day moving average of spot trading volume on well-known platforms in the market exceeded $24 billion on October 26th, reaching its highest level since the end of March. In addition, compared to the summer, the market has experienced more significant volatility as traders are handling headlines about the possible launch of spot <a href="/how-to-buy/cdai-cdai" target="_blank" class="blog_inner_link">where to buy cdai</a> ETFs, which supporters believe will create new channels for capital inflows. Data shows that the volatility of Bitcoin has risen to its highest level since April.

On October 30th, according to a survey report by DeSpread Research, Koreans are active cryptocurrency traders with a strong preference for Altcoins and local tokens, and local trading platforms also outperform global competitors in terms of trading volume. According to a survey by the South Korean Financial Intelligence Unit (KoFIU), the number of cryptocurrency investors in the country reached approximately 6 million this year, accounting for 10% of the total population. Most of these investors are mainly engaged in investment activities centered around centralized trading platforms, making the influence of centralized trading platforms significant in the Korean cryptocurrency market.

DeSpread wrote in the report: “South Korean trading platforms have reacted explosively to Ripple related news. The trading volume of the four major trading platforms in South Korea increased from $27 billion in June to $37 billion in July, a 37% increase compared to the previous month; Most individual investors on Upbit show a strong interest in Altcoins with high profit potential and tend to accept the associated high risks. This is considered one of the reasons for the high proportion of Altcoins transactions in the Korean market.” The preferred trading network in South Korea is also different, as Tron's network is used for most transactions due to relatively low trading costs.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1698645686BTC.png)
Short-term gains of $36,000 in BTC seem satisfying, indicating a phase of short-term tops. Caution is advised against the possibility of a rapid drop to $33,000, creating a potential high-point reversal. It is recommended to hold steady at support levels of $32,500 and $30,800.

### ETH
![](https://gimg2.gateimg.com/image/article/1698645707ETH.png)
ETH reached a high of $1,857 this month, forming a bearish "M" pattern at a critical juncture. It is suggested to hold steady at $1,754, and if breached, expect further declines to $1,726 and $1,694. Overall, a continued decrease in trading volume is anticipated.

### MC
![](https://gimg2.gateimg.com/image/article/1698645723MC.png)
MC has accumulated a significant trading volume since its low of $0.2934 last month, slowly rising to a recent high of $0.5700. In the short term, a second upward move is expected, but if it doesn't breach $0.57, it might be a temporary rebound. Keep an eye on an upcoming "token replacement" event.

## Macro: Focus on the Fed's interest rate decision this Thursday, and the market is expected to continue to maintain no interest rate hikes

The most important time of this week is Thursday. At 2 am on Thursday, the Federal Reserve announced its decision to raise interest rates. Then, at 18:30 pm (UTC) on Wednesday, Federal Reserve Chairman Powell held a monetary policy press conference.

Last week, the core PCE price index in the United States recorded an annual rate of 3.7% in September, setting a new low since May 2021. The PCE indicator reinforces the reason for the Federal Reserve to remain silent. Therefore, the New Federal Reserve News Agency believes that the Federal Reserve is expected to continue to suspend interest rate hikes.

Meanwhile, the market generally believes that the Federal Reserve will maintain a 5.5% interest rate unchanged. If expected, this will also be the first time since the start of this round of interest rate hikes that there have been two consecutive months of no interest rate hikes.

At 20:30 Beijing time on November 3rd, the United States will release its non farm employment report. The market believes that whether the Federal Reserve completes its tightening policies depends on whether the labor market and wage growth are sufficient to alleviate inflationary pressures.

In terms of the Israeli-Palestinian conflict, Israel has begun to enter the Gaza Strip area for street warfare, which means that the Israeli-Palestinian conflict continues to escalate without any possibility of change. But the Middle East market, which opened on Sunday, showed almost no signs of panic.

As of 2 pm in Tel Aviv, the Israeli TA-35 stock index rose 1.1%, narrowing the decline since Hamas infiltration on October 7th to 11%. From a historical perspective, with the transfer of geopolitical risks, the resulting market fluctuations have often been short-lived. But if other countries are involved in this conflict, the uncertainty it brings will intensify.

Whether the situation escalates further is a concern for traders. The Iranian President has warned that Israel's actions have crossed the red line and may force everyone to take action; Saudi Arabia and the United Arab Emirates condemn the escalation of the situation; The United States states that the risk of regional spillovers from the war remains high.

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<a href="/how-to-buy/cdai-cdai" target="_blank" class="blog_inner_link">where to buy cdai</a>Author:**Byron B.**, Gate.io Researcher
<a href="/how-to-buy/cdai-cdai" target="_blank" class="blog_inner_link">where to buy cdai</a>Translator:Joy Z.
<a href="/how-to-buy/cdai-cdai" target="_blank" class="blog_inner_link">where to buy cdai</a>\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<a href="/how-to-buy/cdai-cdai" target="_blank" class="blog_inner_link">where to buy cdai</a>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
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